Agent Kim represents seller Wong as a single agent. A buyer approaches Kim directly without representation and asks about Wong's motivation to sell. Kim knows Wong is relocating for a new job and needs to sell quickly. How should Kim respond?
Correct Answer
D) Tell the buyer to make an offer and Wong will respond appropriately
Kim must protect Wong's confidential information about his motivation and timeline, while still dealing fairly with the buyer. Suggesting the buyer make an offer allows Wong to control what information is shared. Option A violates confidentiality duties. Option B is unnecessary since Kim isn't representing the buyer. Option C hints at confidential information.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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